Red Rock Resorts Announces First Quarter 2025 Results
Red Rock Resorts (NASDAQ: RRR) reported strong financial results for Q1 2025, with net revenues increasing 1.8% to $497.9 million compared to Q1 2024. Net income rose 9.7% to $86.0 million, while Adjusted EBITDA grew 2.8% to $215.1 million. Las Vegas operations, which represent the core business, saw revenue growth of 1.9% to $495.0 million.
The company's Board declared a regular quarterly dividend of $0.25 per Class A share payable on June 30, 2025, and a special dividend of $1.00 per share payable on May 21, 2025. The company maintained a solid balance sheet with $150.6 million in cash and cash equivalents, though carrying a total debt of $3.4 billion.
Red Rock Resorts (NASDAQ: RRR) ha riportato risultati finanziari solidi per il primo trimestre del 2025, con ricavi netti in aumento dell'1,8% a 497,9 milioni di dollari rispetto al primo trimestre del 2024. L'utile netto 猫 cresciuto del 9,7%, raggiungendo 86,0 milioni di dollari, mentre l'EBITDA rettificato 猫 salito del 2,8% a 215,1 milioni di dollari. Le operazioni di Las Vegas, che rappresentano il core business, hanno registrato una crescita dei ricavi dell'1,9% a 495,0 milioni di dollari.
Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale ordinario di 0,25 dollari per azione di Classe A con pagamento previsto per il 30 giugno 2025, e un dividendo straordinario di 1,00 dollaro per azione da corrispondere il 21 maggio 2025. L'azienda ha mantenuto un bilancio solido con 150,6 milioni di dollari in liquidit脿 e mezzi equivalenti, pur sostenendo un debito totale di 3,4 miliardi di dollari.
Red Rock Resorts (NASDAQ: RRR) report贸 resultados financieros s贸lidos para el primer trimestre de 2025, con ingresos netos que aumentaron un 1,8% hasta 497,9 millones de d贸lares en comparaci贸n con el primer trimestre de 2024. La utilidad neta creci贸 un 9,7% hasta 86,0 millones de d贸lares, mientras que el EBITDA ajustado aument贸 un 2,8% hasta 215,1 millones de d贸lares. Las operaciones en Las Vegas, que constituyen el negocio principal, registraron un crecimiento de ingresos del 1,9% hasta 495,0 millones de d贸lares.
La Junta Directiva declar贸 un dividendo trimestral ordinario de 0,25 d贸lares por acci贸n Clase A pagadero el 30 de junio de 2025, y un dividendo especial de 1,00 d贸lar por acci贸n pagadero el 21 de mayo de 2025. La empresa mantuvo un balance s贸lido con 150,6 millones de d贸lares en efectivo y equivalentes, aunque con una deuda total de 3,4 mil millones de d贸lares.
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Red Rock Resorts (NASDAQ : RRR) a annonc茅 des r茅sultats financiers solides pour le premier trimestre 2025, avec un chiffre d'affaires net en hausse de 1,8 % 脿 497,9 millions de dollars par rapport au premier trimestre 2024. Le b茅n茅fice net a augment茅 de 9,7 % pour atteindre 86,0 millions de dollars, tandis que l'EBITDA ajust茅 a progress茅 de 2,8 % 脿 215,1 millions de dollars. Les op茅rations de Las Vegas, qui constituent le c艙ur de m茅tier, ont vu leur chiffre d'affaires cro卯tre de 1,9 % pour atteindre 495,0 millions de dollars.
Le conseil d'administration a d茅clar茅 un dividende trimestriel r茅gulier de 0,25 dollar par action de classe A, payable le 30 juin 2025, ainsi qu'un dividende exceptionnel de 1,00 dollar par action, payable le 21 mai 2025. L'entreprise a maintenu un bilan solide avec 150,6 millions de dollars en liquidit茅s et 茅quivalents, tout en portant une dette totale de 3,4 milliards de dollars.
Red Rock Resorts (NASDAQ: RRR) meldete starke Finanzergebnisse f眉r das erste Quartal 2025, wobei die Nettoums盲tze im Vergleich zum ersten Quartal 2024 um 1,8 % auf 497,9 Millionen US-Dollar stiegen. Der Nettogewinn erh枚hte sich um 9,7 % auf 86,0 Millionen US-Dollar, w盲hrend das bereinigte EBITDA um 2,8 % auf 215,1 Millionen US-Dollar wuchs. Die Las Vegas-Gesch盲fte, die das Kerngesch盲ft darstellen, verzeichneten einen Umsatzanstieg von 1,9 % auf 495,0 Millionen US-Dollar.
Der Vorstand des Unternehmens erkl盲rte eine regul盲re Quartalsdividende von 0,25 US-Dollar je Class-A-Aktie, zahlbar am 30. Juni 2025, sowie eine Sonderdividende von 1,00 US-Dollar je Aktie, zahlbar am 21. Mai 2025. Das Unternehmen h盲lt eine solide Bilanz mit 150,6 Millionen US-Dollar an liquiden Mitteln und Zahlungsmitteln, tr盲gt jedoch eine Gesamtschuld von 3,4 Milliarden US-Dollar.
- Net income increased 9.7% to $86.0 million
- Net revenues grew 1.8% to $497.9 million
- Adjusted EBITDA improved 2.8% to $215.1 million
- Special dividend of $1.00 per share announced in addition to regular $0.25 quarterly dividend
- Substantial debt load of $3.4 billion
- Food and beverage revenue declined from $93.3M to $89.3M
- Room revenue decreased from $52.9M to $50.2M
Insights
Red Rock Resorts shows healthy growth with casino revenue up 5.2%, driving overall revenue and profit increases despite softness in non-gaming areas.
Red Rock Resorts delivered solid financial results for Q1 2025, with performance metrics pointing to continued strength in its Las Vegas operations. The company's net revenues increased by
The most notable aspect of these results is the composition of revenue growth. Casino revenue increased by
This divergence suggests Red Rock is successfully driving its core gaming business while experiencing some softness in non-gaming amenities. The strength in casino operations is particularly important for the company's Las Vegas-focused strategy, as it operates primarily in the locals market rather than on the Strip.
The company's Adjusted EBITDA, a crucial metric for assessing casino operational efficiency, increased by
The financial data also reveals operating income and earnings from joint ventures of approximately
Red Rock's combined dividends of $1.25 per share represent an exceptional capital return, with the special dividend signaling management's confidence in financial stability.
Red Rock Resorts' dividend announcement stands out as a significant element of their Q1 2025 results. The company declared both a regular quarterly dividend of
The special dividend is particularly noteworthy as it represents a substantial one-time return of capital to shareholders. When combined with the regular quarterly dividend, shareholders will receive
This capital return occurs against the backdrop of
The financial statements reveal interesting changes in Red Rock's capital structure and performance. Interest expense decreased by
From a tax perspective, the provision for income tax increased significantly to
First Quarter Results
Consolidated Operations
- Net revenues were
$497.9 million 1.8% , or$9.0 million $488.9 million - Net income was
$86.0 million 9.7% , or$7.6 million $78.4 million - Adjusted EBITDA(1) was
$215.1 million 2.8% , or$5.9 million $209.1 million
Las Vegas Operations
- Net revenues from
Las Vegas operations were$495.0 million 1.9% , or$9.4 million $485.6 million - Adjusted EBITDA from
Las Vegas operations was$235.9 million 2.7% , or$6.1 million $229.8 million
Balance Sheet Highlights
The Company's cash and cash equivalents at March 31, 2025 were
Quarterly Dividend
The Company's Board of Directors has declared a cash dividend of
Prior to the payment of such dividend, Station Holdco LLC ("Station Holdco") will make a cash distribution to all unit holders of record, including the Company, of
Special Dividend
The Company's Board of Directors has declared a special dividend of听
Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the Company, of听
Conference Call Information
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 1027971. A replay of the call will be available from today through May 8, 2025 at听. A live audio webcast of the call will also be available at .
Presentation of Financial Information
(1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the three months ended March 31, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, loss on extinguishment/modification of debt and provision for income tax.
Company Information and Forward Looking Statements
Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as "will", "might", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "would", "target", "project", "intend", "plan", "seek", "estimate", "pursue", "should", "may" and "assume", or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company's business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
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INVESTORS:
Stephen L. Cootey
[email protected]
(702) 495-4214
MEDIA:
Michael J. Britt
[email protected]
(702) 495-3693
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Red Rock Resorts, Inc | |||
Condensed Consolidated Statements of Income | |||
(amounts in thousands, except per share data) | |||
(unaudited) | |||
Three Months Ended | |||
2025 | 2024 | ||
Operating revenues: | |||
Casino | $听听听听听听听听听 333,245 | $听听听听听听听听听 316,854 | |
Food and beverage | 89,272 | 93,278 | |
Room | 50,170 | 52,888 | |
Other | 25,174 | 25,877 | |
Net revenues | 497,861 | 488,897 | |
Operating costs and expenses: | |||
Casino | 89,413 | 84,969 | |
Food and beverage | 73,761 | 73,447 | |
Room | 15,989 | 15,871 | |
Other | 7,243 | 7,267 | |
Selling, general and administrative | 104,711 | 104,805 | |
Depreciation and amortization | 48,331 | 44,873 | |
Write-downs and other, net | 4,060 | 2,141 | |
343,508 | 333,373 | ||
Operating income | 154,353 | 155,524 | |
Earnings from joint ventures | 712 | 723 | |
Operating income and earnings from joint ventures | 155,065 | 156,247 | |
Other expense: | |||
Interest expense, net | (51,110) | (57,201) | |
Loss on extinguishment/modification of debt | 鈥� | (14,402) | |
Change in fair value of derivative instruments | (5,194) | 鈥� | |
Income before income tax | 98,761 | 84,644 | |
Provision for income tax | (12,811) | (6,273) | |
Net income | 85,950 | 78,371 | |
Less: net income attributable to noncontrolling interests | 41,201 | 35,536 | |
Net income attributable to Red Rock Resorts, Inc | $听听听听听听听听听听 44,749 | $听听听听听听听听听听 42,835 | |
Earnings per common share: | |||
Earnings per share of Class A common stock, basic | $听听听听听听听听听听听听听听 0.76 | $听听听听听听听听听听听听听听 0.73 | |
Earnings per share of Class A common stock, diluted | $听听听听听听听听听听听听听听 0.75 | $听听听听听听听听听听听听听听 0.68 | |
Weighted-average common shares outstanding: | |||
Basic | 59,203 | 58,783 | |
Diluted | 103,393 | 103,728 | |
Dividends declared per common share | |||
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Red Rock Resorts, Inc | |||
Segment Information and Reconciliation of Net Income to Adjusted EBITDA | |||
(amounts in thousands) | |||
(unaudited) | |||
Three Months Ended | |||
2025 | 2024 | ||
Net revenues | |||
$听听听听听听听听听 494,953 | $听听听听听听听听听 485,567 | ||
Corporate and other | 2,908 | 3,330 | |
Net revenues | $听听听听听听听听听 497,861 | $听听听听听听听听听 488,897 | |
Net income | $听听听听听听听听听听 85,950 | $听听听听听听听听听听 78,371 | |
Adjustments | |||
Depreciation and amortization | 48,331 | 44,873 | |
Share-based compensation | 7,624 | 5,875 | |
Write-downs and other, net | 4,060 | 2,141 | |
Interest expense, net | 51,110 | 57,201 | |
Loss on extinguishment/modification of debt | 鈥� | 14,402 | |
Change in fair value of derivative instruments | 5,194 | 鈥� | |
Provision for income tax | 12,811 | 6,273 | |
Adjusted EBITDA | $听听听听听听听听听 215,080 | $听听听听听听听听听 209,136 | |
Adjusted EBITDA | |||
$听听听听听听听听听 235,900 | $听听听听听听听听听 229,759 | ||
Corporate and other | (20,820) | (20,623) | |
Adjusted EBITDA | $听听听听听听听听听 215,080 | $听听听听听听听听听 209,136 | |
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FAQ
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